For many precision devices with limited amount of lubricants, the retention of lubricating oil between solid surfaces is of great significance for the lubrication reliability in the long-term operation. In this study, the spreading behavior of a synthetic 1,3-diketone lubricant (1-(4-ethyl phenyl) nonane-1,3-dione) 02/06 on steel surfaces was investigated. By measuring the surface tension of oil and the surface energy of steel, the spreading parameter of 02/06 was determined, which was much smaller than the reference oils with similar viscosity. Rotary friction test shows that 02/06 was positioned at the contact region in the presence of a strong centrifugal force and performed a stable ultralow friction. Moreover, the addition of 02/06 into the reference oils also improved the lubricant retention.